China Agritech, Inc. Announces 1 for 4 Reverse Split and New Trading Symbol 'CTEC' Effective September 8, 2009
September 07 2009 - 2:00PM
PR Newswire (US)
BEIJING, Sept. 7 /PRNewswire-Asia-FirstCall/ -- China Agritech,
Inc. (OTC Bulletin Board: CAGE) ("China Agritech" or "the
Company"), a leading national liquid and granular organic compound
fertilizer manufacturer and distributor in China, today announced
that it will implement a 1 for 4 reverse split of its common stock
effective on Tuesday, September 8, 2009. As a result of the reverse
split, the stock will begin trading under the symbol "CTEC" on the
OTC Bulletin Board, commencing on Tuesday, September 8, 2009. Each
shareholder of record as of September 8, 2009, will have 1 new
common share for every 4 common shares previously held. The effect
of the reverse split will be to reduce the number of shares of
common stock outstanding to approximately 7.0 million from the 28.2
million shares, based on the number of shares outstanding as of
June 30, 2009. Mr. Yu Chang, Chief Executive Officer of China
Agritech, commented, "We have successfully implemented our
strategic business plan by expanding our sales network, developing
sales and distribution relationships, and building capacity for our
new organic granular fertilizer products. Our record quarterly
financial performance in the 2009 second quarter was a direct
result of management's strategic actions to grow the Company. We
are pleased with our results year to date and are very enthusiastic
about 2010 which should include a full year results of granular and
increased sales of liquid. In addition, our capacity expansion for
granular fertilizer, which we have already paid for, remains on
track for completion by the end of this year. We are also
implementing a reverse split to better position China Agritech to
meet the qualifying thresholds for a more senior trading exchange
in the U.S., which we believe will increase the visibility and
trading characteristics of our stock." About China Agritech, Inc.
China Agritech, Inc. is engaged in the development, manufacture and
distribution of liquid and granular organic compound fertilizers
and related products in China. The Company has developed
proprietary formulas that provide a continuous supply of
high-quality agricultural products while maintaining soil
fertility. The Company sells its products to farmers located in 28
provinces of China. For more information about the Company, please
visit http://www.chinaagritechinc.com/ . Safe Harbor Statement This
release may contain certain "forward-looking statements" relating
to the business of China Agritech and its subsidiary companies,
which can be identified by the use of forward-looking terminology
such as "believes," "expects," "anticipates," "estimates" or
similar expressions, including, but not limited to, statements
regarding the continued demand for China Agritech's products, China
Agritech's ability to sustain growth for the balance of the year
and China Agritech's ability to generally meet all of its
objectives. Such forward-looking statements involve known and
unknown risks and uncertainties, including all business
uncertainties relating to product development, marketing,
concentration in a single customer, raw material costs, market
acceptance, future capital requirements, and competition in general
and other factors that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Certain of these risks and uncertainties are
or will be described in greater detail in our filings with the SEC.
Except as required by law, China Agritech is under no obligation to
update or alter its forward-looking statements whether as a result
of new information, future events or otherwise. For more
information, please contact: In China: Mr. Gareth Tang Chief
Financial Officer China Agritech, Inc. Tel: +86-10-5962-1220 Email:
In the U.S.: Mr. Kevin Theiss / Mr. Valentine Ding Investor
Relations Grayling Tel: +1-646-284-9409 Email: DATASOURCE: China
Agritech, Inc. CONTACT: In China - Mr. Gareth Tang, Chief Financial
Officer of China Agritech, Inc., +86-10-5962-1220, ; or In the U.S.
- Kevin Theiss & Mr. Valentine Ding, Investor Relations,
Grayling, +1-646-284-9409, & Web site:
http://www.chinaagritechinc.com/
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